Stake in Gallimard Is Sold; Fear of Takeover Revived

By ALAN RIDING, Special to The New York Times

Published: April 7, 1990

PARIS, April 6—
The continuing power struggle within France's largest independent publisher took an unexpected turn today when a member of the family that controls the publisher, Editions Gallimard, announced that she was selling her shares to the Banque Nationale de Paris.

The move, involving the sale of Isabelle Gallimard's 12.5 percent stake, was expected to fuel fears in French literary circles that the family feud could open the way for a takeover of the 89-year-old publishing house by an outside group. The feud is between the chief executive, Antoine Gallimard, and his brother, Christian, and two sisters, Francoise and Isabelle.

Earlier this week, 55 prominent writers, as well as the estates of Jean-Paul Sartre, Andre Gide and Albert Camus, whose works have long been published by Editions Gallimard, warned that they would switch publishers if the family lost control of the house.

Isabelle, who is 39 years old, said she had decided to sell her shares because of the family's failure to resolve the dispute. Until now, though, there had been no hint that she would sell. In a statement today, she said that ''the entry of B.N.P. as a shareholder will not threaten the literary tradition and values embodied by Gallimard.''

Keeping Some Shares

She did not indicate how much had been paid for her stock, but added that she had not sought to profit from increased commercial interest in the company. She said that she would hold on to a small number of shares ''to stay in the company.''

There was no immediate comment from Editions Gallimard.

With the sale, outside shareholders will now own 30.5 percent of Gallimard. And if the 49-year-old Francoise and 46-year-old Christian were to follow Isabelle's example, Antoine and his ailing 76-year-old father could theoretically be left with just 44.5 percent of the shares. Fran coise has always said that she would sell her 12.5 percent stock only if the company remained in the family.

In recent weeks, a major French construction company, Bouygues, has made it known that it is interested in buying shares in Gallimard.